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cliff in the united states and going into next week, riverfront investment groups and thank you for joining us. how bad was this in terms of the issue on jpmorgan, they are getting rift yet again. what's your take? >> we look at it as a slightly contrarian fashion. we talked about this a couple of times in the last month. about a month ago investor sentime sentiment went up to levels and it seemed to us and short-term indicators and probably two to pretty close-up port. >> pretty good support for the market. >> the long-term average and short-term bounce. i think jamie dimon is terrific fek. i also like sheer sheila bair and i hope they work things out. i respect him a great deal. >> you respect him. does that mean you don't think the bank should being broken up. is that what you're saying? >> whether they want to carve up the bank, i'll leave that to the legislators. he's got a grip. he watches every figure. he knows what is going on. so i've got a lot of faith and confidence in jamie dimon. >> i agree with you. let me ask you, rod, about investing in the second half of the yea
data in the united states. as well, concerns about jpmorgan. jamie dimon will have to explain himself in front of congress. the senate banking committee is calling on the jpmorgan chase chairman and ceo to testify next month on the company's big trading losses, now valued at possibly as high as $5 billion. the company has lost some $30 billion in market value in a week. >>> it looks like the possibility of additional economic stimulus by the federal reserve could be growing. the fed's open market committee releasing the minutes from the april meeting this week. more members of the fomc now say they are open to additional quantitative easing should the economy falter further. >>> retail sales meanwhile inched up in april. weak clothing and building material sales helping keep that number low. >>> facebook flies, the market tumbles. what happens if greece leaves the euro? a busy week and joining us to help explain what it means, richard bernstein, ceo of richard bernstein advisers. richard, always nice to have you on the program. >> thanks, maria. >> good to see you again. let's talk fa
some of the issues the united states has long pushed. geithner recognizes china has moved towards a more market based exchange rate, but he does know that the yuan has more room to strengthen against the u.s. dollar and other currencies. he says a firmer yuan will give beijing more flexibility when it comes to balancing growth and inflation. take a look at the u.s. dollar versus the yuan, pretty much unchanged. hillary clinton touched on a host of diplomatic issues urging china to play its part when it comes to diffusing global tensions particularly with north korea and iran. clinton addressed prickly human rights issues which have taken center stage following the news surrounding dissident chen guangcheng. >> as part of our dialogue, the united states raises the importance of human rights and fundamental premiefreedoms. because we believe that all governments do have to answer to citizens aspirations for dignity and the rule of law and that no nation can or should deny those rights. >> and our very own emily chan has been following these developments and she's standing by in beij
there. tell me about how this impacts the united states, in your view? >> well, i think it's pretty clear that the european is slowing. it's going to affect our growth this year and it's going to affect our growth in the future. but, secondly, when you look at the problems that europe has from a financial standpoint and their debt load, we're next. i mean, the picture is as clear as it can be. when i look back over the last year and a half, the president and i were unable to come to an agreement to take a significant chunk out of our long-term debt. it is a real concern and it's a real problem but you can't address these problems from congress alone. you need a president who will lead and the president is not leading. >> what is your plan if the euro starts to deteriorate further and then the euro zone along with it? >> well, i don't know that congress has a plan other than we're not gsh we're not in for more stimulus bills and we're not in for more bailouts. i can tell you that, that the u.s. house of representatives will not go there. and it's time for europe to deal honestly with
in the united states in may, the proverbial sell in may and go away does not translate over sseas, and we ar in bear markets in russia and brazil which were off 20% from the peaks in march alone. we are sitting on critical support. look at the market in russia for example, because we ahave taken out the lows that we established in the fall, in despite of the financial maelstrom. >> and you are saying that russia is driving the entire world's markets? i want to bring in dave reidel of the reidel research, and i am seeing no inflation a and central banks cutting the rates and it is a great backdrop. >> that is right. they are doing nothing wrong and emerge sshgt ing markets are lo good. and we look at the fear fac chur of consumer sentiment, and this summer not the time to be away at all, but nibbling at the position of the emerging markets and maybe a few percentage points higher, but if we are right, we think that the focus is on the fundamentals in the back half of the year, and very good time to be long emerging markets equities. >> and you agree with that, tim? you are bullish on the emer
rejected the united states and its european allies offer of compromise here and this gives them more time to continue to do precisely what john just said. >> so, ken, to john's point, it's just all been delay tactics it seems. >> that's right. the iranians have gotten us into the carpet store. that's the tactic. i wrote this in a column. once you're in the carpet store, they know you will buy the carpet. the question, what is the final price. the carpet they want us to buy is to allow them to continue to enrich uranium, that's a disaster, a huge concession that the obama administration has made. a big, big mistake. a deadly mistake. >> gentlemen, a couple of deadlines coming up. let's use that advisedly. july 1st, the ban on oil exports from iran goes into effect. ambassador ginsburg, does that july 1st move this story when it goes to moscow. does iran offer any concession whatsoever in order to give a fig leaf to stop that ban? >> the most important thing to remember, those in the foreign policy community will argue that iran steps up in this game of chicken to the very last moment. >> r
of the united states. he's been in kind of overdrive and he keeps doing the same thing that the liberals always do, raise taxes and attack the rich. >> you know what else? he took bush's deficit -- >> raise taxes, tax the rich. while he's been doing this, democrats -- liberals have been going down, conservatives have been going up. there are moe nudists in america, there are more bird watchers in america, there are more nude bird watchers in america. >> in the audience of this channel obviously. the stimulus package and what liberals didn't like about the stimulus is it included tons of tax cuts. tax increases have not happened. that is factually inaccurate what you just said. number two, if barack obama doesn't know what he's doing, how did he manage to turn and the economy that bush basically pushed off a cliff. >> the growth is 2% and raonald reagan had a growth of 6%. >> i want to pursue this angle. if the growth in the economy was so good, the stock market would be much better, the unemployment rate would be a whole lot lower but i'm watching given -- we're a financial channel. the stock m
, the united states is not going to leave afghanistan on its own. here's the president. >> with this agreement, afghanistan has a friend and a partner in the united states. mr. president, there will be difficult days ahead. but as we move forward with our transiti transition, i'm confident that afghan forces will grow stronger. the afghan people will take control of their future. >> reporter: now, in the excerpts we've gotten of the president's speech he says we retain a clear path of success in afghanistan while delivering justice to al qaeda. that is the reference to the takedown of osama bin laden a year ago. now, he sparked some political controversy by including mention of that accomplishment and drawing the distinction with mitt romney in a campaign video. mitt romney commemorated the anniversary today by campaigning with new york city -- former new york city mayor rudy giuliani. he hit back at the president for too much politicizing. >> i think it's totally appropriate for the president to express to the american people the view that he has that he had an important role in taking out os
th, if that's a change in policy with this government, united states government specifically, i think you'll see capital flows increase to the united states. there will be a capital flow here naturally, that will speed itself up and expedite about in fact there's a change this government. >> i think you have to look at good companies especially those paying hivedividends. >> okay. guy, thank you. getting some support about that guy alex trebek. like when a player gets something wrong, have you ever looked at -- i would be afraid to say something wrong. some of the looks you get from him. he scolds people. but he knows the answers. they give him the answers. in a doesn't allow being to look down on people that don't know the answers and to practice the pronunciation. >>> coming up, from spocks to ca stocks to commodities. why the market isn't accurately accounting for oil market demand. that and more. but first yesterday's winners and losers. tdd# 1-800-345-2550 let's talk about fees. tdd# 1-800-345-2550 there are atm fees. tdd# 1-800-345-2550 account service fees. tdd# 1-800-345-2550
bring it back to the united states. nobody knows what's coming up in 2013. is there going to be a giant fiscal tightening with the bush tax cuts ending? with the temporary wage subsidies ending and other things? i don't think anybody knows. a lot of uncertainty. >> in terms of the tax situation in the united states, if we see the bush tax cuts expire, you've got capital gains taxes going up to, i don't know, 25%. dividend taxes up from 16% all the way to 43%. if that happens, do you think we get a market sell-off? >> oh, absolutely. i think that is not likely to happen. that's really jumping off a fiscal cliff. if it happened in the context of some great reform, like bowl simpson or something that gets rid of a lot of deduction, keeps the rates low, or raises them a little for the wealthiest taxpayers, but if we get a real reform, that could help the market. we don't know what's coming in 2013. >> we've seen a pretty strong earning season in the meantime. 60% of companies are looking at growth of more than 7%, better than the overall economy. is it a disconnect that corporate america is
passed 30 jobs bills out of the house that are sitting in the united states senate. the house is going to act to extend the current tax rates whether we make them permanent or we extend them for a year, that debate is still up in the air but we're going to do our work. it is time for the united states senate to do their work. >> in the last few weeks it seems like the pace of economic recovery has slowed quite a bit. people talking about europe and the price of oil. what's your take on where we are right now? >> i think the economy is slowing. and i would not be at all surprised to see it continue. why? look at what's going on in europe. it's having a very big impact upon the united states. we've got a record low interest rates, yet employers are scared. they're afraid to move forward. >> so can you explain to the american people what the gop would do -- what's number one on the agenda if in fact you get the white house in -- at the end of this year? >> i think dealing with the debt, dealing with our tax code, the two really big issues. the president and i will -- when we had disagreem
and in the united states. i see the lowest levels i've seen oil. oil is down 20% this week. those are your two indicators that markets are telling you that's what they are worried about. >> demand goes lower. of course, yields go lower and you wonder how low the fed will want them to go, huh? >> from a market perspective, it's going to be very difficult to trade more than 20 basis points either side of 2% for a while. especially after the failed selloff after the march 13 fed statement which gave us one shot at a selloff which brought us to a 240 yield. >> one question is you don't see any catalyst on the horizon that is going to take that uncertainty off the table until after the november election. i mean, what reaction have you seen? that's where the action is, the fed. you're not going to see much change until we get the clarity that we need. >> a couple things could happen. you're absolutely right. no obvious catalyst. at this point, at this rate with the way the data is going, i don't foresee ben bernanke doing any more than he's already done. no further hints than that. i do think that i
. his specialty is distress and there has been a lot of it in the euro zone. the united states is getting away from them. thing are getting expensive, given their moves in the market such as technology and other areas of retail. all of those managers that i spoke with expect to sell off in the market come november if president obama gets re-elected because they believe that the bush tax cuts will not be extended, which would mean a spike in capital gains and dividend taxes. bob pisani, he's on the floor of the nyc. >> we were waiting for the dow to go positive. the russell 2000 and nasdaq was positive, mid-cap index, and some of the other ones. transports were strong throughout the day. earnings are continuing strong. we're getting 7% earnings growth and, secondly, no other places to put money. the u.s. economy, as weak as it is, is still a source of growth, although not sufficient enough. and right now there are not attractive alternatives. >> green mountain is out. the company reporting the eps in the second quarter. as you can see on your screen, 64 cents a share right in li
coming on the heels of the worst week for the stock market last week here in the united states. the dow up 135 point and again, facebook very much in focus. as you will see, coming up here, as the close "closing bell" continues with maria bartiromo. i will see you tomorrow. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo here on the floor of the new york stock exchange. is tht beginning of a market come back? gold man stacks is adding, giving us her take coming up on the program. facebook under pressure. stock set to close well below the ipo price. what it will take for facebook to recover. >>> and finishing the day on wall street. they ate those up and in fact closing up higher, up 135 points. 12,504 is where the industrial average settles out tonight. nasdaq composite very strong. 68 points higher. up 2.5% at 2847. s&p 500 tonight, up 21 points, as you can see, 1 2/3 percent at 1315. mark zuckerberg lost a couple billion today with the decline in facebook but he's got billions more. oth
&t network -- doing more with data to help business do more for customers. ♪ >>> why the united states, sisco could weigh on the tech sector. the company issuing a grim outlook saying customers are being cautious on i.t. spending. >> spain taking a stake in the fourth biggest lender. >> surprisingly weak trade pigs call china's growth recovery into question. fouling imports in april hint at waning domestic ghant. >> welcome to "worldwide exchange." let's take a look at u.s. futures. see how we're lookinged a trade. we were looking at a higher hope and we have reverse direction at this point. the dow looking lower by 17, nasdaq by 5 and the s&p 500 slightly over the plot line. this after stocks ended lower again on eurozone fears yesterday, but we did pair steep early morning losses. we also saw volume picking up a little yesterday. dow lost 97 after being down as much as 183 during the morning session. falling for the sixth straight day that we've seen it for the first time since august. also the yield nearing 1.8%, a three month low for that yield right now. >> we tried to rally off the four
sheet is looking strong. >>> and in the united states, who's hieshing in the private sector. investors are hoping indy p's data will a's concerns about friday's job report. >>> hello and welcome to "worldwide exchange." i'm steve cedric joined by chloe cho. the final figure falling to 45.9. the flash estimate came in at 46. the march figure was 47.7. this is the lowest figure we've han since june 2009. the output index. 46.4. march data came in at 46.7. employment index again dispiemting. 47.6% as opposed to a march figure of 48.7%, but i'm afraid this was the lowest figure since february 2010. all right. let's get some analysis on this. ricardo bausrbiari and our chie host. the pmis out of china have been encouraging. they've been encouraging the market to go on the front foot. is this going to send risk investors running for cover again? >> i don't think this should come as a surprise because we already had flash estimates for europe suggesting that manufacturing at tbt contracted in april. i think the surprise was the u.s. numbers which came in better than expected. there's bln surp
as he continues to seek asylum in the united states. foreign ministry today in response says chen can apply to study an abroad, he can apply through normal channels to the relevant departments in accordance with law, you but of course he is currently being treated in hospital. >> thank you so much for that. emily, stay right will because we'd like you to take part in this will discussion, we have jacob finch joining us. jacob, emily was taking us through the key headline stories coming out of the sned. given the saga involving the dissident, have we been tempering our expectations some the past week, we've been seeing pretty solid headlines coming out from china, they've been rolling out pro market measures, they're talking about ways to get some of the state owned enterprises to hand back some of their profits back to the state. it looks like things are progressing a lot better than expected. >> this is a particularly complicated moment in u.s./china relations. and this is a particular moment in which the world is facing a unique set of challenges. so the stakes are significant. but
little loans here in the united states and close off all of the walls? >> i think that's an unrealistic expectation. it's a challenge to be able to understand your books, hedge it. it's quite complicated. so i think the expectation that that will never happen is unrealistic. >> what should the average person looking at this come away with? is this a sign of another crisis in the making? try to put this into a proper perspective. >> we're still expecting the u.s. gdp growth to be 2 1/2 for the year. we see a lot of positives elsewhere. >> this particular jpmorgan story, is this an indication of some further crisis in the banking system? >> no. >> thank you so much for joining us. >> thank you very much. >> erin, thank you. >>> we asked you to chime in on twitter if another banking crisis was coming. here are some of your responses. the tank told us, the tank, we are in a banking crisis. too much money in the hands of too few hands. freedom has value, if sheila bair and others have their way, we'll be on the with us p of another government overreach crisis. and bob says, we have enough re
in the world. money is coming into the united states. the dollar is up 11 days in a row. we haven't seen that in three and a half years. look at that rally in the last month in the dollar. of course a lot of money going into bonds. stocks not so much a beneficiary, nonetheless here the markets not coming down as much as the rest of the world. the one sector i would point out before i get your point, financials really aren't moving. >> that was going to be my point. >> yeah. look. jpmorgan was below 36 at one point. morgan, citi group, wells fargo, it's not doing anything today. >> do you think the underpinnings of the market will allow it to move forward without the financials or not? >> no. it's going to have a real hard time. i'll tell you why. a big part of the earnings in the second half of the year. we were expecting an earnings push up in the second half of the year. largely in technology and energy stocks. if they don't contribute, we're going to have a problem. >> bob, see you in just a minute. over to you and matt. >> matt will be hanging with us on "power lunch" for the week. h
here in the united states, but about some ways we're treading water. how is it in europe? >> ahead of the u.s. open we're weighted to the down side. 8:2 on the stoxx 600. xetra dax closed for glitches this morning. wasn't showing prices. now down 2%. ibex down around two-thirds. maybe the sort of reactions we might have expected this time yesterday that we didn't get. we have heard from a number of companies reporting. hsbc beat expectations in the first quarter, have an underlying profit of almost $7 billion. europe's biggest bank boosted by rebound in investment banking income, as well as a fall in bad debt in the the united states. it's trying to ensure investors it has made good progress on all areas of its strategy including cost savings. >> meantime who are began stanley says it will have to cough up an extra $7.2 billion in collateral if moody's cuts the bank's credit rating. in february, moody's put morgan stanley and other u.s. banks on review for a possible downgrade citing issues in their capital markets business. could be cut as much as three mo notches. could hurt thei
't get its financial house in order. take a listen. >> unless the united states begins to make inroads and that's called the struck sturl deficit that the cbo and imf identified as 6 to 7% greater than any other country other than japan and the united kingdom. we're headed to aa territory. >> a pretty bold statement from him himself. is downgrade possible? you know, that -- i will say, it didn't move the markets. >> it did not. >> it's still a possibility. >> it rallied since the last effort. >> it's something we all know. if we look around the world, yes, we certainly have our problems on the fiscal side of things. we're still doing much, much better than other parts of the world, as michelle knows better than anybody. i think investors wouldn't come as unexpected given the issues that the united states faces. >> and that's almost a short -- that's a long-term concern and this market is very short-term oriented. we were most concerned about spain and whether it's going into recession and today we are rallying on a manufacturing report. >> i think there are reasons to be concerned. the
companies primarily selling in the united states. 80% of the sales in the united states and they are hurting jcpenney. they are taking shares away from them. they are taking buyers away from them and growing here in the united states. there's an example of a company investable in the united states. >> we'll leave it there. gentlemen, thank you so much. we'll check in and check in on this story. general motors announcing it will stop buying advertising on facebook because they satisfy it's ineffective. and now a new poll shows some results that made be red flags to potential facebook investors. we're going to check out the tires ahead of this ipo on friday. and then to jpmorgan, jamie dimon, is he still the guy to lead the company? tweet us your thoughts @cnbcclosingbell. you're watching cnbc, first in business worldwide. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investm
? >> they have a lot of great assets and a great following, especially outside the united states and in developing countries that are really interested in bringing blackberry messenger. now, that being said, is the os and as the software the key or is it the hardware that it goes on? maybe they are really struggling having trouble building devices that are going to resonate in some of these emerging areas and can't continue the growth there? maybe they need to partner up. >> yep, it could be that. gentlemen, thank you very much. we'll see you soon. >>> we'll tell you when the stock opens and any other headlines that come out of it. >>> watch out, older americans will likely get tossed over the fiscal cliff headed our way at the end of the year. another demographic could feel that even more. >>> you've heard of walmart but what about walmart express. who the retail giant is going after with this new strategy. stay with us on the "closing bell." on december 21st polar shifts will reverse the earth's gravitational pull and hurtle us all into space. which would render retirement plan
in the united states. here's the kind of day we've had here. a pretty good rally on the open. now it's up 95 at 12,550. nasdaq up almost a full percentage point. 26-point gain at 2864. s&p 500 index up to 1328. >> of course, bill, the big story is facebook continuing on a downward spiral. the stock tumbling to a new low and falling below the $29 a share mark. we've got speculation of a facebook smartphone and another potential acquisition, really doing little to drum up business. the ipo price was at $38 a share. the company has now left more than $25 billion in market value just in the last seven trading sessions as a public company. >> ouch. >> yeah. ouch is right. of course, this market is off the highs of the session as the falling euro is taking the wind out of the rally. is this a sign that markets are still locked in the fear trade, bill? >> courtney reagan has been spending the day with us at the new york stock exchange. rick santelli is at his perch. michael pento is with us and steve with sun america asset management. rick santelli, i'm going to start with you. it seems to me we ha
% of the earnings with the s&p 500 are outside the united states. europe is an important component. we should be down somewhat. if our markets are going to do better than the rest of europe, we should be doing better and i think the markets are reacting rationally. the issue is what is going on with spain. spain is facing nationization. >> they are contemplating cash going into the collection of the seven savings banks that is a break. that is a u-turn and opens up the fear that more tax money might have to go in. of course, the other spanish barvegs with bad loans. they are going to have to raise that. >> there's no leadership there. there's nobody there to say we don't want this traunch and who is there to endorse the check when it arrives? >>. >> well, a proportion of it is until it's needed in june, if you look at what the germans and chiefs are saying around europe, if they don't, to the extent it can be put through, the implication is that greece will be asked to leave the euro zone possibly this summer. that's what we're talking about. >> predicks. let's say, hypothetically speaking, i
in the united states i was looking for signs that financials might be weak. didn't happen. in fact, the biggest mover today put up the xls today, that's the financial sector, the energy sector at lease is stable today, the oil prices down i think are the biggest thing we've seen in the last week and that's down on slower demand around the world. >> the dow is almost there, the nasdaq positive. >>> left turn in france and greece spur optimism for u.s. investors. prices have doubled in the past few years, but small investors have dramatically stayed away. volume has dropped. so what has to happen to get investors back into the game? with us this week is jim urio and kate warren from st. louis, $600 billion in management. let's talk about where the investor has gone. why haven't individuals come back into the market? >> i think in many cases individuals never left the market they just stayed put and sort of have been frozen in place, not being sure what to do now. so i'm not sure they're so much out of the market but just not in the market. they've stayed invested they just haven't added more. >>
.s. is able to come to this, the fiscal deficit in the united states is already very high and second, terms of the u.s. economy, maria, u.s. economy is now smaller than that of the european union. second, the consumer here is not going to be as resilient as he or she was in december, january, february. i think that there is going to be a slowdown, so the u.s. will be the strength. >> all of the uncertainty has created a real lack of confidence, larry, terms of equities. retail investor i guess is upset again after the whole facebook ipo fee as coifi as come. >> that is one of the symptoms we see. weak confidence and you look at p.e.s, trading at a pretty depressed level. look at fund flows, negative. out of the equity market, and you compare that to bonds, record-low yields for treasuries and even overseas, so i think it continues to weigh on -- on investor confidence. >> what does that mean? how does it play out? are you expecting the retail investor to have a catalyst on the horizon to get them back into the market? how does it sort itself out? >> you said the word, confidence. it begins
in the united states, deep recessions are followed by substantial recoveries. that is -- i beg your pardon -- >> not in the last 20 years. >> in the last 20 years, we had small recessions. when you had a deep recession like we had in the '50s, or '70s, or early '80s. you're supposed to come from minus eight to plus eight. the reason you haven't gotten it is stifling policies. that's my point, jared bernstein, and if you're bumbling around at 2% economic growth, 3 1/2 years -- >> there's no recovery under socialist government. >> there's no recovery under socialist government. >> that's just name calling. that doesn't add anything to the government. here's what you're saying, larry. let's get to your point. you're making an argument, i don't think you're right, but it's an argument. you're saying that had we not undertaken the stimulus, the t.a.r.p., the whole -- >> right. >> -- that growth would've bounced back. >> right. that's what i'm saying. >> according to rinehart, literally 100 plus years of data analysis, that wouldn't have happened -- >> not from this country. they did not use thi
the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. >>> welcome back. these days a shareholder meeting at a big bank usually means fireworks inside and outside the meeting. this morning to exception for goldman sachs. mary thompson was there with the latest. >> reporter: really more like sparklers than fireworks. inside the tone was very civil with no big surprises. all the directors were re-elected, all the shareholder proposals failed and 94% of the investors gave a thumbs up to the executive pay plan. ceo lloyd blankfein answered questions about pay regulations and some of his directors jumping to the defense of michelle burns who investors targeted because she sits on the auditory committee of walmart's board. burns actually addressed the crowd telling them the retailer is looking into those allegations. outside there was a small group of protesters gathered, but again the tone inside was very cordial. blan -- concerns about chi
that do most if not all of their business right here in the united states. and which embattled stock is a better buy? facebook or research in motion? we're going to debate that. and the co-founder of myspace, the back to sue and tyler on "power lunch." >> thank you very much. detroit is a lasting symbol of course of the great recession, the near collapse of the auto industry. and at one point 18% unemployment. few years later it's still a stubborn 10.5%, the unemployment rate. but the city is clawing back. part of the resurgence is technology. not kidding. brian shactman is on the streets of detroit to explain. brian. >> you know, tyler, this building's name -- it's kind of a cute symbol, right? but it is representative of what's going on in detroit. this building was an old office space for a theater. and then dan gilbert, who is a native of detroit also chairman of quicken loans based in detroit and owner of the cleveland cavaliers, bought the abandoned space and he renovated it. the whole thing, specifically with start-ups in mind. vc firm detroit venture partners seated a slew of
with something. >> bankia down 11%. and they don't halt trades just based on moves like here in the united states. they halt trades when there's inside information that certain markets have and others don't. so the decline could continue. and in terms of sentiment, seeing 11% declines after 11% declines or even more, that's not good. >> lord knows what they'll go out at. >> it if it's not bad enough, the stripperses at crazy horse in paris are on strike because the wamg wages are so bad. saw that this morning. >> strippers at -- >> on the ground reporting maybe. >> exactly. >>> when we come back, we'll find out from one technology fund manager why facebook accounts were 12% of his more l. a route map shows you where we go. but not how we get there. because in this business, there are no straight lines. only the twists and turns of an unpredictable industry. so the eighty-thousand employees at delta... must anticipate the unexpected. and never let the rules overrule common sense. this is how we tame the unwieldiness of air travel, until it's not just lines you see... it's the world. the teacher t
geographically. europe and the united states and, you know, the stock has been getting pounded just based on the noise going on in the market. >> i think that after this facebook thing where people feel that somebody had inside story on facebook, i want to turn the tables. there east an analyst when they down graded warned of a convergence of trend in northern and southern europe. the people who follow your company may not know the real trends of your company. >> if they were listening they know. we couldn't have been out there more. we've been transparent. we were talking at the end of april, early may. we raised the guidance as you said in your opening clip and talked about the trends of the business. those trends have continued in may where we've seen our come ps of calvin and tommy. >> and how about in europe? >> up hype single digits. so accelerated. >> is there a possibility of a disconnect what people think of tommy hilfiger here versus what you and i know, maybe they don't understand the -- where the high end aspirational nature of you and germany and france? >> i think clearly th
with economic data that has slowed in the united states. as we wrap up another trading session, here's what i'm watching. stocks shooting up sharply and then losing steam. the dow jones industrial average breaking even. strength today in utilities and telecom. weakness in technology, financial services kept the lid on gains. s&p posted the biggest gain since january. hit the highest level since the beginning of the month, in fact. technology due to cisco's disappointing guidance. s&p technology down for a sixth con section t consecutive day. with us is ben, private wealth management and bertha coombs at the nyse as well and rick santelli at the cme group. hi, everybody. let's talk about this market here and what you want to do. does anything about the way that we're trading, low volume, low volatility, cash on the sidelines worry you about or dictate to you how this market behaves the second half of the year? >> not really. we are becoming more cautious from mid- to late march and we're starting to roll over. the index slipping. correlation falling sharply and stocks no longer trading with ea
from the united states every year. it's been a very important relationship over the years. how is that going to evolve. >> i believe our relations with the united states haves to sustained and strengthened. it is not in our interests to have a shaky relations shhip wi the united states. i believe it is the same from the american side. so this is not the time to talk about the relations negatively. >> european union is the largest trade partner, a principal source of fdi. now you've tableded the concept of a virtual relationship or membership. what does that entail? >> what i need is your help in how to build an administration. a new framework of economy, framework of several things that have proved to be so useful in the case of turkey and other countries that have requested membership and did that really get it. to introduce new rules that have proven to be very effective in rebuilding a government or a government systems. >> there was moussa. remember israel as a talking point has served as a bit of a punching bag for a lot of the different candidates on the campaign trail. n
. the demand isn't there for $105 crude in the united states. west texas for me. and $120 crude in uniform hence the sharp decline. and it is the commodities table that i say eureka, that explains the stock market. stocks and companies that use oil that use commodities, they're doing fabulously. even last week, a tough week, they're doing fabulously. stocks of kmacompanies that are involved directly in the production of commodities, those are the ones that are going down. let's break it down with companies you understand so you can see how foolish it is to talk about things like risk on and risk off. how much more valuable it is to view stocks through the prison. of commodities, as companies that take or pay for commodities, their stocks are going higher. while the companies that would do better if growth were stronger and therefore more commodities were being used, those stocks are going lower. first, all of the packaged good companies are rallying. even the crummy ones, which is always the best way to tell how the market is really doing. i like to look at the worst actors, the companies
for retail sales. they even got the services sector, which account for 90% of the jobs in the united states right now. the sector growing more slowly, evidenced by the ism sector index. it fell in april to the lowest level since december, all of that putting pressure on stock and we ended down better than 60 points. trading might be over but investors have not lost their focus because tomorrow is an important indicator for the economy and for the markets. the report, of course, critical in the current state of economic recovery. let me tell you what people are expecting. the consensus is growth in jobs of 168,000 jobs in the month for the united states, on top of the dispinting 120,000 jobs created in the month of march. are these estimates overreaching? we get more analysis from our own bob pisani along with bob in his first tv appearance for deutsch bank. thank you for joining us. also is chief market strategist with alliance bernstein. what can you tell us, mary thompson? >> the company earned $1.65 in the first quarter. that is well above analyst estimate of 1.12. the net premium at 8.6
minutes left here to go. dow off the lows of the seg. the next guess says the united states is what could do our market an economy. he's got a big warning about friday's jobs number as well. as we head to the break, here's the sea of red based on the s&p 500 components. back after this. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 tdd# 1-800-345-2550 i use streetsmart edge and its tools like... tdd# 1-800-345-2550 screener plus - i can custom build my own screens tdd# 1-800-345-2550 or use predefined ones. tdd# 1-800-345-2550 and i can trade wherever i want, tdd# 1-800-345-2550 whenever i want. tdd# 1-800-345-2550 the kicker? tdd# 1-800-345-2550 i pay $8.95 a trade. tdd# 1-800-345-2550 that's a deal in any language. tdd# 1-800-345-2550 open an account tdd# 1-800-345-2550 and trade up to 6 months tdd# 1-800-345-2550 commission-free. tdd# 1-800-345-2550 call 1-866-393-6174. that could adapt to changing road conditions. one that continually monitors and corrects for wheel slip. we imagined a vehicle that ca
in the united states and, of course, the drama in greece on whether or not new elections will allow greece to stay in the eu and remain with the euro zone. so right now the dow is down just seven points with this tug-of-war that is going on, maria. >> we're watching that. and we have a market that is really tightly traded today take a look at jpmorgan after falling more than 10% in the wake of the $2 billion trading debacle. meredith whitney says the next several months will not be pleasant for jpmorgan and getting past this issue by year end, as it hopes, is not guaranteed. she is here to join us to talk more about that always nice to see you. thank you for joining us. you say it could not have come at a worse time with auflt pressure on the banks and you don't necessarily think that this is going to go away very soon. how is this playing out? >> there is a civil inquiry, a federal inquiry, a department of justice inquiry, and so that just means jpmorgan's name is going to be dragged through the headlines unpleasantly and then if there's a congressional inquiry and they have to explain th
in the united states. i think there's still short-term downside risk in the market but i think the central banks, unfortunately, are not going to allow a substantial collapse in stock prices. ultimately you'll see a reversal and nominal stock prices will rise. it's not going to be good economic prices. it's not going to be good for the economy. that's exactly what we don't need. >> let's talk about that. peter, what is your expectation in terms of how this plays out here. a lot of debate on whether we have a disorderly or orderly or do you think greece stays in the euro in. >> i don't even know. several ways it could play out. long term i think the worst thing that could happen for the euro zone is for greece to stay there and you'd have this moral hazard where everybody is basically subsidizing everybody else's profit. the only way that it makes sense for greece to stay in that euro zone is if they the austerity. the euro zone would be better off if greece left and i think there's more of a long-term threat for greece remaining in the euro. that is overblown. the politics are very strong. there
but they still like seeing what they see here in the united states. >> that's a good assessment. europe is going to be a problem. and even with the comeback in recent years, they are making billions of dollars on far lower industry volume. these are fundamentally changed companies and i think that's part of the quarterly fluctuations. >> how much of a drag will europe be? it's a huge question for a lot of industries but especially for the autos, right? >> that's right. they had major exposures in europe. no doubt about that. it will be a drag. and also china is slowing down. but, you know, people do need automobiles in the third world and in the emerging market sector. i think there's a lot of room for growth in this industry, yeah. and, again, some of the momentum that they have in the united states is going to continue for a while. >> who are you seeing as the real strong leaders right now? general motors has emerged now. that was a good report there. are they all doing as much as they can here in the u.s.? >> i think they are honestly. gm, from an investment standpoint, is that treasury still
, the good news is china and the united states are carrying the global economy. i'm looking around 3.5 to 4% growth. the big issue is as we get into the fall, the campaign, the focus is going to be on the united states and i think you're going to see a lot of headwinds and noise, chatter, and not much action coming out of d.c. >> you take some profits, you make sure you're in the quality asset classes, dividend payers. i'll be buying energy and agricultural commodities. if it's not part of your portfolio, it doesn't matter what is going to happen. per capita incomes are rising. take some time to put good asset qualities in you're portfolio. >> sectors or stocks? >> i would agree with joe with regard to the energy side. you're in a situation where you're going to see more drilling in the gulf of mexico and internationally and with the drillers and oil support companies and best in schlumberger and that brings it down to a 12 p.e. it's very, very strong and you see significant growth there. health care space has largely been ignored. we're going to see people getting more comfortable with oba
around the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering, web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. >>> all right, you're watching cnbc "squawk on the street." the opening bell set to ring in in a little more than three minutes time. a lot going on, though. the first day of may will come out at 10:00. construction spending coming out, as well. a busy day for earnings. a quarter of the s&p reporting this week. of course, this is a very important quarter for pfizer. there was expected to be a drop in sales because of that. global sales of
's what i think it is. we're not -- exports are not as big a thing for the united states as some other countries. u.s. is very competitive right now. there's an energy boom going on in the u.s. consumer spending's hanging in, et cetera, et cetera. i think the u.s. is holding up well, but if there was a disorderly exit, that would be another story. >> david, let me pose the same question to you. i mean, it seems every day, you know, when there's a problem in europe it reverberates around the world. any given day this could be a major problem for markets. are you worried? how worried you about europe? how much of a threat is that severe recession to the rest of the world? >> hi, maria, hi, bill. i'm very worried about europe. they've been going the wrong direction for a couple years and it puts us as risk. the reason it falls over on to us is because if you think about world gdp, $72 trillion right now, and if the euro, itself, begins to unravel, that hurts world gdp. for example, you could lose $2 trillion of world gdp if europe -- if there were quakes in the euro. so that's one problem
talking pretty much globally, certainly europe and the united states. does that mean we are not really in an economic recovery? is that what you're trying to say? >> it depends on how you define these things. in some ways we are not in a recovery. look at the employment population ratio. it's stuck at 58.5%. that's kind of close to the lowest it's been in this whole debacle. so we haven't recovered jobs. >> you're calling this the age of austerity. i'm going to assume you mean too much government spending cuts. and you know, milton freedman used to teach us that government spending as a share of gdp when it came down, that was a tax cut. i take it you don't agree with friedman on this? >> i've been advocating raising taxes and expenditures as a temporary measure to get us out of the weak economy. so that's the balanced budget multiplier. >> what happens to all those obama multipliers? we were supposed to have a 6% unemployment rate today or less. it's over 8. it didn't really seem like that samuelson model worked. >> well, that wasn't the balanced budget expenditure. but yeah, we've ha
. >> the house is going to act to extend the current tax rates. it's time for the united states senate to do their work. otherwise, we're going to have this mess all stacked up until after the election. and you want to talk about a train wreck? >> let's bring our guests to talk about this story. we have jared bernstein. we welcome back republican conference chairman jeb hensarling of texas. congressman hensarling, i was happy to hear that you were going to extend the bush tax cuts. i wanted to ask you, would that extension be temporary? would it be permanent? when do you reckon you'll take your vote? >> take it soon, because obviously the market needs some certainty, particularly after we looked at the last jobs report. third straight month where job growth has decreased. we now have -- looking at the labor force participation rate, the worst employment record of an administration in 30 years. so we need some certainty. frankly, we want to go beyond that. we need a tax cut that is fair, flatter, simpler, more competitive, which is what we have in our budget and the president threatens the si
to any nations outside the united states. in fact it wasn't going to harm the puppets. >> but it did. >> now they're trying to tell me that a sovereign debt crisis isn't as deflationary as a banking crisis. complete lunacy. greece has to -- >> they're both becoming the same thing now. >> what do banks hold in their assets? they hold sovereign debt. sought countries are insolvent and the economies are insolvent. of course the banks are insolvent. that's massively deflationary. and yes, greece must leave the eurozone. absolutely. >> but i think this is somewhat different because what we saw back then here in the united states with the housing crisis was something that came on very sudden. expectations were not there, and there was nothing in place to prepare. this has been going on for three years. >> we've been watching this as a train wreck in slow motion. >> i remember summer of twoorks wasn 2007, wasn't that when the bear stearns highly leveraged -- that started -- it was a slow motion train wreck. >> but you get his point. we're asking could this be a lehman moment and the fact th
's united states. so i hesitate to put anything positive in, but as i did last night, united states is stable. united states has some pretty good earnings. united states has some pretty good companies like con-ed where they're not that much involved. so they come back and say there's going to be big capital. >> until we start our own negotiation. >> we've got a little window of opportunity there. >> we've got facebook to talk about. >> it is higher actually in the premarket. the fall out remains in the spotlight. david decided to boost the company's shares by 25% as his main underwriter morgan stanley. some investors claim that's a big reason why they've tumbled. he wants to know about a morgan analyst discussion with institutional investors on the revenue prospects for facebook. morgan stanley says the spokesman followed the same procedure that it follows for all ipos. when that news came out yesterday after hours, the stock was down 1.5%. on this unknown. this subpoena. >> when you look at the rules that govern what an analyst that an ipo underwriter is allowed to do and how they'
markets could get very unsettled and that would be another source of contagion back to the united states. >> how leveraged are u.s. banks now to the situation in europe? have they done a good job of limiting that leverage? >> i think the u.s. banks the thing i would say is, one, a lot more capital than they had a fuse year ago, a lot more liquidity, a lot cleaner balance sheets, very little exposure to peripheral europe. of course, the situation -- you can imagine scenarios in europe that got bad enough and broad enough that will would be consequences back to the u.s. banking system. all we can do is make sure the u.s. banking system is in a situation where it has capital and liquidity resources to handle shocks. >> there has been a lot of talk about whether or not the big banks should be broken up. where do you come down on that debate? >> i think it's obvious we want to eliminate any doubt about this too big to fail issue. we can do that in sort of two ways. one, force large systematically important financial institutions to hold more capital, have larger liquidity buffers to reduce th
-8 summit last week in camp david in the united states. precisely after the world leaders urged europe to back more progrowth policies. over to you. >> that's a pretty good assessment. thanks so much. what does the political assignment in france mean for the rest of europe? simon hobbs has that part of the story. >> europe's political landscape is going massive upheaval. it was always going to be this way. destroyed huge chunks of each economy. remember, the europeans have to rapidly close them. austerity has to come in europe because they don't have the luxury of america's very deep bond market. in fact, two years ago the highly respected governor of the bank of england reportedly warned that the political backlash in the uk would mean that whichever party won the coming election, they would be out of office for a generation. and as you just heard in france three weeks ago, nicholas sarkozy has now become the 11th leader sacked by an angry electorate. so incumbents get kicked out precisely at the time europe needs strong leaders with strong mandates for big decisions. it's gett
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